Schroder International Selection Fund
Société d'Investissement à Capital Variable
5, rue Höhenhof, L-1736 Senningerberg
Grand Duchy of Luxembourg
Tel : (+352) 341 342 202
Fax : (+352) 341 342 342
24 August 2015
Dear Shareholder,
Schroder International Selection Fund – Global Small Cap Energy
merger with Schroder International Selection Fund – Global Energy
We are writing to advise you that on 30 September 2015 (the Effective Date), Schroder International
Selection Fund – Global Small Cap Energy (the Merging Fund) will merge with Schroder International
Selection Fund – Global Energy (the Receiving Fund) (the Merger). Shareholders in the Merging Fund
will receive the equivalent value of shares in the Receiving Fund in place of their current shares in the
Merging Fund.
The Merger was authorised by the Commission de Surveillance du Secteur Financier on 10 August 2015.
Investment objectives and policies
Both the Merging Fund and the Receiving Fund have the primary objective to provide capital growth
through investment in shares of energy related companies. The Merging Fund has a small cap bias, whilst
the Receiving Fund has a small to medium cap bias and also has a slightly lower synthetic risk and reward
indicator 1 than the Merging Fund.
Share classes and annual investment management fee changes
The table below summarises the annual investment management charge (the AMC) and on-going charges
(the OGC) for the share classes of the Merging Fund and the Receiving Fund. Please note that the OGC
includes the AMC and all other charges and expenses.
Share class
Merging Fund
Receiving Fund
AMC
OGC
AMC
OGC estimate
A
1.50%
1.96%
1.50%
1.92%
C
1.00%
1.36%
1.00%
1.32%
I
0.00%
0.11%
0.00%
0.07%
1
2
The synthetic risk and reward indicator (SRRI) defines the risk category of the fund in its key investor information
document (KIID) and is calculated based on the volatility of returns.
2
Percentages are per annum and are stated with reference to the net asset value per share. The OGCs include,
where applicable, the distribution charge, shareholder servicing charge, investment management fee and other
administration costs including the fund administration, custodian and transfer agency costs. They include the
management fees and administration costs of the underlying investment funds in the portfolio. The OGCs are as at
May 2015.
www.schroders.com
R.C.S. Luxembourg - B. 8202
For your security, telephone conversations may be recorded.
Page 2 of 7
The base currency of both the Merging Fund and the Receiving Fund is USD. A full summary of which
Receiving Fund share classes the Merging Fund share classes will be merged into can be found in the
Appendix to this letter.
Dealing cut-off time and settlement periods for subscriptions and redemptions
There is no change to the dealing cut-off time or the settlement periods. The dealing cut-off time of the
Receiving Fund is 1.00 p.m. Luxembourg time on the dealing day. Orders that reach the management
company of the Schroder International Selection Fund (the Management Company) before the cut-off
time will be executed on the dealing day. The settlement periods for subscription and redemption are
within three business days following a dealing day.
A key features comparison table of the Merging Fund and the Receiving Fund (including the share class
changes) can be found in the Appendix.
Merger
This Merger notice is required by Luxembourg law.
Upon review, the board of directors of Schroder International Selection Fund concluded that, given the
similarity in strategy between the Merging Fund and the Receiving Fund, shareholders in the Merging
Fund will benefit from a merger with the Receiving Fund. Shareholders in the Merging Fund will be merged
into a sub-fund which will give shareholders access to capital growth potential with a decrease in the risk
profile and at a lower cost. The Merging Fund has approximately 25 million US dollars under management
as of 30 June 2015 while the Receiving Fund has approximately 460 million US dollars under
management as of the same date. Although the market capitalisation limits of the targeted companies of
the two sub-funds are different, the Receiving Fund will operate under similar investment criteria and
strategy as the Merging Fund but with a broader investment universe. As a result of the Merger, there will
be no change of legal entities acting as investment manager or of the investment teams which currently
manage the Merging Fund.

Costs and expenses of the Merger
The Merging Fund has no outstanding set-up costs. The expenses incurred in the Merger, including
the legal, advisory and administrative costs, will be borne by the Management Company.
From 24 August 2015, in order to account for the market-related transaction costs associated with
the disposal of any investments that would not fit well in the Receiving Fund's portfolio, or associated
with redemption or switch orders received during the period leading up to the Merger, the Merging
Fund's net asset value per share will be adjusted down each time there is a net outflow from the
Merging Fund by means of a dilution adjustment. In the unlikely event that there are net inflows to
the Merging Fund during this period the net asset value per share will be adjusted upwards. Costs
associated with portfolio trading required to align the Merging Fund's portfolio with that of the
Receiving Fund from 24 August 2015 to the date of the Merger will be included in the calculation of
the net asset values per share calculated for those days. Further information relating to dilution
adjustments is available in the Prospectus in section 2.4 "Calculation of Net Asset Value". The
prospectus is available at www.schroders.lu.

Exchange ratio, treatment of accrued income and consequences of the Merger
On the Effective Date, the net assets of the Merging Fund will be transferred to the Receiving Fund.
For the shares of each class that they hold in the Merging Fund, shareholders will receive an equal
amount by value of shares of the corresponding class (as described under section "Share classes
and annual investment management fee changes" above) in the Receiving Fund, calculated at the
net asset value per share of the Merging Fund and the Receiving Fund on the Effective Date.
Any accrued income relating to the Merging Fund's shares at the time of the Merger will be included
in the calculation of the final net asset value per share of the Merging Fund and will be accounted for
after the Merger in the net asset value per share of the Receiving Fund.
Page 3 of 7
You will thus become a shareholder of the Receiving Fund, in the share class which corresponds to
your current holding in the Merging Fund. A full summary of which Merging Fund share classes will
be merged into which Receiving Fund share classes can be found under section "Existing and New
Share Class Mapping" in the Appendix.
The first dealing date for your shares in the Receiving Fund will be 1 October 2015, the related deal
cut-off for this dealing day being 1.00 p.m. Luxembourg time on the dealing day.

Rights of shareholders to redeem/switch
If you do not wish to hold shares in the Receiving Fund from the Effective Date, you have the right to
redeem your holding in the Merging Fund or to switch into another Schroder fund at any time up to
and including the dealing day on 23 September 2015.
We will execute your redemption or switch instructions in accordance with the provisions of the
prospectus free of charge, although in some countries local paying agents, correspondent banks or
similar agents might charge transaction fees. Local agents might also have a local deal cut-off which
is earlier than that described above, so please check with them to ensure that your instructions reach
the Management Company before the 1.00 p.m. Luxembourg time deal cut-off on
23 September 2015.
Subscriptions or switches into the Merging Fund from new investors will not be accepted after deal
cut-off on 24 August 2015. To allow sufficient time for changes to be made to regular savings plans
and similar facilities, subscriptions or switches into the Merging Fund will be accepted from existing
investors until 23 September 2015 (deal cut-off at 1.00 p.m. on 23 September 2015).

Tax status
The conversion of shares at the time of the Merger and / or your redemption or switch of shares prior
to the Merger might affect the tax status of your investment. We therefore recommend that you seek
independent professional advice in these matters.

Further information
We advise shareholders to read the Receiving Fund's key investor information document (the KIID)
which accompanies this letter. This is a representative KIID for the Receiving Fund, showing
information for the affected share class with the highest OGC (A share class). It is, together with the
KIIDs of all other available share classes, available at www.schroders.lu. The prospectus is also
available at that address.
An audit report will be prepared by the approved statutory auditor in relation to the Merger and will
be available free of charge upon request from the Management Company.
We hope that you will choose to remain invested in the Receiving Fund after the Merger. If you would like
more information, please contact your local Schroders office, your usual professional adviser or the
Management Company on (+352) 341 342 212.
Yours faithfully,
Noel Fessey
Authorised Signatory
Nathalie Wolff
Authorised Signatory
Page 4 of 7
Appendix
Key Features Comparison Table
The following is a comparison of the principal features of the Merging Fund and the Receiving Fund. Both
are sub-funds of Schroder International Selection Fund. Full details are set out in the Prospectus and
shareholders are also advised to consult the KIID of the Receiving Fund which accompanies this letter.
Prospectus Investment
Objective and Policy
Merging Fund
Schroder ISF – Global Small Cap
Energy
Receiving Fund
Schroder ISF – Global Energy
To provide capital growth primarily
through investment in equity and
equity related securities of junior
energy and energy-related companies
worldwide.
To provide capital growth primarily
through investment in securities of
companies active in the energy
sector.
In order to achieve the objective, the
Investment Manager will take
exposure to a selected portfolio of
equity securities, which it believes
offer the best potential for future
growth. The Investment Manager may
use a wide range of assets including
Investment Funds, financial derivative
instruments and warrants. The
Investment Manager may also invest
in deposits with credit institutions and
money market instruments.
KIID Objectives and
Investment Policy
Objectives
Objectives
The fund aims to provide capital
growth.
The fund aims to provide capital
growth.
Investment Policy
Investment Policy
At least two-thirds of the fund
(excluding cash) will be invested in a
concentrated range of shares of small
energy and energy-related companies
worldwide. This means typically
holding fewer than 50 companies. We
will normally invest in companies with
a share capital of less than $500
million.
At least two-thirds of the fund
(excluding cash) will be invested in a
concentrated range of shares of
energy-related companies. The fund
will typically hold fewer than 50
companies and has a bias towards
smaller and medium sized companies.
We believe smaller companies can
provide higher growth prospects than
larger companies over the longer
term, due to the fact they are typically
in the early stages of their
development. Smaller companies are
less researched than larger ones.
We believe that energy is an ongoing
investment theme, which should
continue to provide compelling returns
for investors especially over the long
term.
The fund may also invest in other
The fund focuses our highest
conviction investment ideas, which
largely comprise traditional oil and
gas-based companies, but also can
include companies involved in
infrastructure, utilities, renewable and
alternative energy. The fund will have
a bias towards exploration and
production companies. The manager
focuses on companies with attractive
longer term growth prospects, often
supported by rising production, which
the manager believes are
misunderstood and under-valued by
the market. We believe that energy is
an on-going investment theme, which
Page 5 of 7
Merging Fund
Schroder ISF – Global Small Cap
Energy
Receiving Fund
Schroder ISF – Global Energy
financial instruments and hold cash on
deposit. Derivatives may be used to
achieve the Investment objective and
to reduce risk or manage the fund
more efficiently.
should continue to provide compelling
returns for investors especially over
the long term.
Synthetic Risk and
Reward Indicator
(SRRI)
Category 7
Category 6
Profile of the Typical
Investor
The Fund may be suitable for
Investors who are more concerned
with maximising long term returns
than minimising possible short term
losses.
The Fund may be suitable for
Investors who are more concerned
with maximising long term returns
than minimising possible short term
losses.
Fund Category
Specialist Equity Funds
Specialist Equity Funds
Fund Currency
USD
USD
Launch Date
17 May 2010
30 June 2006
Total Fund Size
(million) as at
30 June 2015
USD 25 million
USD 460 million
Dealing Cut-off Time
and Settlement
Periods for
Subscriptions and
Redemptions
Orders must reach the Management
Company before 13:00 Luxembourg
time on the dealing day to be
executed that day.
Orders must reach the Management
Company before 13:00 Luxembourg
time on the dealing day to be
executed that day.
The settlement periods for
subscription and redemption are
within three business days following a
dealing day.
The settlement periods for
subscription and redemption are
within three business days following a
dealing day.
A: up to 5.00% of the total
subscription amount (equivalent to
5.26315% of the Net Asset Value per
Share)
A: up to 5.00% of the total
subscription amount (equivalent to
5.26315% of the Net Asset Value per
Share)
C: up to 1% of the total subscription
amount (equivalent to 1.0101% of the
Net Asset Value per share)
C: up to 1% of the total subscription
amount (equivalent to 1.0101% of the
Net Asset Value per share)
I:
I:
Initial Charge
Management Fees by
Share Class
A:
C:
I:
None
1.50% per annum
1.00% per annum
0.00% per annum
The fund may also invest in other
financial instruments and hold cash on
deposit. Derivatives may be used to
achieve the investment objective and
to reduce risk or manage the fund
more efficiently.
A:
C:
I:
None
1.50% per annum
1.00% per annum
0.00% per annum
Page 6 of 7
On-Going Charge
Merging Fund
Schroder ISF – Global Small Cap
Energy
Receiving Fund
Schroder ISF – Global Energy
A:
C:
I:
A:
C:
I:
1.96% per annum
1.36% per annum
0.11% per annum
1.92% per annum
1.32% per annum
0.07% per annum
Page 7 of 7
Existing and New Share Class Mapping
Merging Fund
Schroder ISF – Global Small Cap Energy
Receiving Fund
Schroder ISF – Global Energy
Existing Share Class Held
ISIN Codes
New Share Class to be Held
ISIN Codes
A Accumulation EUR
LU0507598497
A Accumulation EUR
LU0374901568
A Accumulation CHF
LU0507598810
A Accumulation CHF*
Not yet available
A Distribution GBP
LU0507599115
A Distribution GBP
LU0355356758
C Accumulation USD
LU0507598141
C Accumulation USD
LU0256331728
C Accumulation EUR
LU0507598570
C Accumulation EUR
LU0374901725
C Accumulation CHF
LU0507598901
C Accumulation CHF*
Not yet available
C Distribution GBP
LU0506532182
C Distribution GBP
LU0355356832
I Accumulation USD
LU0507598224
I Accumulation USD
LU0256332452
The Merger will also apply to any additional share classes launched prior to the Effective Date.
* These share classes will be launched on the Effective Date to facilitate the Merger.
Key Investor Information
This document provides you with key investor information about this fund. It is not marketing material. The information is
required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can
make an informed decision about whether to invest.
Global Energy
a sub-fund of Schroder International Selection Fund SICAV
Class A Accumulation EUR (LU0374901568)
This fund is managed by Schroder Investment Management (Luxembourg) S.A., which is a member of the Schroders Group.
Objectives and Investment Policy
Objectives
The fund aims to provide capital growth.
on-going investment theme, which should continue to provide
compelling returns for investors especially over the long term.
Investment Policy
At least two-thirds of the fund (excluding cash) will be invested in a
concentrated range of shares of energy-related companies. The
fund will typically hold fewer than 50 companies and has a bias
towards smaller and medium sized companies.
The fund may also invest in other financial instruments and hold
cash on deposit. Derivatives may be used to achieve the investment
objective and to reduce risk or manage the fund more efficiently.
The fund focuses our highest conviction investment ideas, which
largely comprise traditional oil and gas-based companies, but also
can include companies involved in infrastructure, utilities, renewable
and alternative energy. The fund will have a bias towards exploration and production companies. The manager focuses on companies with attractive longer term growth prospects, often supported
by rising production, which the manager believes are misunderstood and under-valued by the market. We believe that energy is an
Benchmark
This share class is not managed with reference to a financial index.
Dealing Frequency
You may redeem your investment upon demand. This fund deals
daily.
Distribution Policy
This share class accumulates income received from the fund's
investments, meaning it is kept in the fund and its value is reflected
in the price of the share class.
Risk and Reward Profile
Lower risk
Potentially lower reward
1
2
Higher risk
Potentially higher reward
3
4
5
6
7
The risk and reward indicator
The risk category was calculated using historical performance data
and may not be a reliable indicator of the fund's future risk profile.
The fund's risk category is not guaranteed to remain fixed and may
change over time.
A fund in the lowest category does not mean a risk-free investment.
The fund is in this category because it can take higher risks in
search of higher rewards and its price may rise and fall accordingly.
The category also reflects that this share class is in a different
currency than the fund currency.
Risk factors
The following risks may affect fund performance.
Counterparty risk: The counterparty to a derivative or other
contractual agreement or synthetic financial product could
become unable to honour its commitments to the fund, potentially
creating a partial or total loss for the fund.
Currency risk: The fund can be exposed to different currencies.
Changes in foreign exchange rates could create losses.
Derivatives risk: A derivative may not perform as expected, and may
create losses greater than the cost of the derivative.
Equity risk: Equity prices fluctuate daily, based on many factors
including general, economic, industry or company news.
Leverage risk: The fund uses derivatives for leverage, which makes
it more sensitive to certain market or interest rate movements and
may cause above-average volatility and risk of loss.
Liquidity risk: In difficult market conditions, the fund may not be able
to sell a security for full value or at all. This could affect performance
and could cause the fund to defer or suspend redemptions of its
shares.
Operational risk: Failures at service providers could lead to disruptions of fund operations or losses.
Schroder International Selection Fund SICAV Global Energy
Charges
The charges you pay are used to pay the costs of running the fund,
including the costs of marketing and distributing it. These charges
reduce the potential growth of your investment.
One-off charges taken before or after you invest
Entry charge
5.00%
Exit charge
None
This is the maximum that might be taken out of your money before it is
invested.
Charges taken from the fund over a year
Ongoing Charge
The ongoing charges figure is based on the last year's expenses for
the year ending May 2015 and may vary from year to year.
1.92%
You can find more information about the charges in Section 3 of the
fund's prospectus.
Charges taken from the fund under certain specific conditions
Performance fee
The entry and exit charges shown are maximum figures and in some
cases you might pay less. You can find out the actual entry and exit
charges from your financial advisor.
None
Past Performance
%
80
Q A Accumulation EUR (LU0374901568)
Past performance is not a guide to future performance and may not be repeated. The value of
investments may go down as well as up and you
may not get back the amount you originally
invested.
60
40
20
-20
The chart shows performance in euro after the
ongoing charges and the portfolio transaction
costs have been paid. Entry and exit charges are
excluded from calculations of past performance.
-40
The fund was launched on 30 June 2006.
0
-60
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
31.7
-53.3
70.7
24.1
-17.2
-11.2
5.7
-23.1
1
1 Performance shown during this period predates the launch of this share class and has
been simulated using the history of a similar share class within the fund.
Practical Information
Depository: J. P. Morgan Bank Luxembourg S.A.
Further Information: You can get further information about this
fund, including the prospectus, latest annual report, any subsequent
half-yearly report and the latest price of shares from the fund's
management company at 5, rue Höhenhof, L‑1736 Senningerberg,
Luxembourg, and from www.schroders.lu/kid. They are available
free of charge in Bulgarian, English, French, German, Greek,
Hungarian, Italian, Polish, Flemish, Dutch, Portuguese and Spanish.
this document that is misleading, inaccurate or inconsistent with the
relevant parts of the fund's prospectus.
Umbrella Fund: This fund is a compartment of an umbrella fund,
the name of which is at the top of this document. The prospectus
and periodic reports are prepared for the entire umbrella fund. To
protect investors, the assets and liabilities of each compartment are
segregated by law from those of other compartments.
Tax Legislation: The fund is subject to Luxembourg tax legislation
which may have an impact on your personal tax position.
Switches: Subject to conditions, you may apply to switch your
investment into another share class within this fund or in another
Schroder fund. Please see the prospectus for more details.
Liability: Schroder Investment Management (Luxembourg) S.A.
may be held liable solely on the basis of any statement contained in
Glossary: You can find an explanation of some of the terms used in
this document at www.schroders.lu/kid/glossary.
This fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This key investor
information is accurate as at 31 July 2015.